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Canadian property-casualty insurer selling home, auto and business insurance via brokers and direct channels.
Canadian property-casualty insurer selling home, auto and business insurance via brokers and direct channels.
Earns premiums from insurance policies, keeps what is left after paying claims and costs, and invests the premiums collected before claims are paid. Most business is placed by independent brokers under the Economical name, while Sonnet sells direct online. It listed in 2021 when the mutual insurer Economical converted into a shareholder-owned company.
Moat: narrow (brand, distribution, scale). Long-established Canadian brand (Economical) with both broker and direct distribution.
Headquarters: Waterloo, Canada · Founded: 1871 · Employees: 3,462
Size Definity Financial (DFY.TO) is a Canada Financials company (Property/Casualty Insurance) with a market value of $6.47B, the 101st largest of 420 Canada companies the cockpit tracks. Shares closed at C$74.57 on 6 Nov 2026.
Performance Over six months the shares gained 13.7%, against +17.5% for the median peer and +5.2% for the Canada market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 35.4% over the last twelve months (peer median +4.7%); the operating margin is 10.3% (peer median 16.3%).
Valuation It trades at 2.13× book value against a peer median of 2.12× (11th cheapest of 21).
Price implies The share price implies a return on equity of about 7.6%; Definity Financial delivers 11.7%, so the price asks less than the business earns today.
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$6.70B | C$5.28B | C$4.86B | C$3.91B | C$3.63B |
| Revenue growth | — | +9% | +24% | +8% | — |
| Net income | C$467M | C$418M | C$430M | C$350M | C$111M |
| Free cash flow | C$375M | C$413M | C$232M | C$264M | C$215M |
| Capital expenditure | C$105M | C$99.6M | C$75.6M | C$87.5M | C$90.8M |
| Total debt | C$1.70B | C$1.16B | C$260M | C$150M | C$70.8M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Definity Financial DFY.TO | $6.47B | +14% | +35% | 12% | 2.13× | 7.6% |
| Intact Financial IFC.TO | $34.7B | +9% | +2% | 14% | 2.48× | 8.7% |
| Fairfax Financial FFH.TO | $42.7B | +21% | -1% | 16% | 1.40× | 7.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DFY.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.5% | +9.0% | 6th highest of 21 |
| 6-month return | +13.7% | +17.5% | 8th lowest of 21 |
| Return on equity | 11.7% | 16.8% | 4th lowest of 21 |
| Price / book | 2.13× | 2.12× | 11th cheapest of 21 |
| Trailing P/E | 19.4× | 12.3× | 5th most expensive of 19 |
| ROE the price implies | 7.6% | 12.1% | 5th least demanding of 21 |
| ROE delivered | 11.7% | 15.4% | 4th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Definity Financial DFY.TO | Canada | $6.47B | +14% | +35% | 12% | 2.13× | 7.6% | 11.7% |
| Hagerty HGTY | United States | $6.18B | +79% | +1% | 5% | 8.42× | 53.7% | 4.6% |
| Scor SCR.PA | France | $6.96B | +10% | -4% | 19% | 1.44× | 9.8% | 18.8% |
| Selective Insurance SIGI | United States | $5.87B | +17% | +4% | 15% | 1.81× | 9.1% | 14.7% |
| MGIC Investment MTG | United States | $5.87B | +7% | -2% | 14% | 1.18× | 8.9% | 13.9% |
| Hanover Insurance THG | United States | $8.35B | +28% | +5% | 22% | 2.43× | 11.2% | 21.8% |
| Mercury General MCY | United States | $4.58B | -17% | +5% | 26% | 1.63× | 13.7% | 25.5% |
| Accelerant ARX | United States | $4.32B | +19% | +55% | -380% | 6.01× | 23.2% | -380.1% |
| Protector Forsikring PROT.OL | Norway | $4.19B | +4% | +12% | 35% | 5.34× | 18.1% | 35.2% |
| Palomar PLMR | United States | $4.10B | +37% | +60% | 22% | 4.16× | 17.0% | 22.2% |
| Erie Indemnity ERIE | United States | $12.7B | +26% | +2% | 24% | 4.98× | 19.7% | 23.7% |
| American Financial AFG | United States | $12.8B | +18% | +3% | 18% | 2.67× | 15.1% | n/a |
| SiriusPoint SPNT | United States | $3.06B | +12% | +23% | 23% | 1.34× | 9.5% | 23.1% |
| RenaissanceRe RNR | United States | $14.0B | +16% | -21% | 13% | 1.34× | 7.5% | 13.4% |
| NMI NMIH | United States | $2.94B | 0% | +8% | 15% | 1.10× | 7.9% | 15.4% |
| Insurance Australia IAG.AX | Australia | $14.4B | +17% | +9% | 14% | 2.87× | 13.1% | 14.0% |
| Assurant AIZ | United States | $15.1B | +29% | +9% | 44% | 2.60× | 14.6% | 44.2% |
| Everest EG | United States | $15.2B | +18% | -9% | 13% | 1.08× | 6.6% | 12.8% |
| Zenkoku Hosho 7164.T | Japan | $2.69B | +1% | +2% | 14% | 1.74× | 6.2% | 14.1% |
| Admiral ADM.L | United Kingdom | $16.1B | +23% | 0% | 46% | 8.04× | 33.5% | 45.6% |
| SamsungF&MIns 000810.KS | South Korea | $17.2B | +31% | +5% | 8% | 0.71× | 4.8% | 8.1% |